According to the latest reported data from the General Statistics Office, the gross domestic product (GDP) of the third quarter of 2020 is expected to increase 2.62% over the same period last year but is the lowest increase in the third quarter of the years from 2011 up to now. In which, areas such as agriculture, forestry, and fishery increased by nearly 3%; industry and construction increased by 2.95%; the service sector increased by 2.75%.
Regarding the growth structure in terms of using GDP, in the third quarter of this year, final consumption increased by 1.19% over the same period last year; asset accumulation increased by 5.79%; exports of goods and services rose 2.86%; import of goods and services rose 1.88%.
Accumulated 9 months, the Vietnamese government estimated GDP will increase by 2.12% over the same period last year.
According to the General Statistics Office, although it is the lowest increase in 9 months of each year in the period 2011-2020, in the context of the Covid-19 pandemic, it seriously affects all socio-economic aspects of the countries in the world. This is a great success for Vietnam in terms of disease prevention, recovery, and economic development.
More specifically, the agriculture, forestry, and fishery sector increased by 1.84%; industry and construction rose 3.08%; the service sector increased by 1.37%.
According to the General Statistics Office, the agriculture, forestry, and fishery sector in 9 months of 2020 had a low increase compared to the same period last year due to the impact of climate change, the Covid-19 pandemic, and African swine fever. In which, the agricultural sector increased by 1.65%, only higher than the 0.02% and 0.91% increase of the nine months of 2016 and 2019 in the period 2011-2020; forestry increased 2.02%; the fishery sector increased by 2.44%, higher than the growth rate of 2.11% and 1.81% in the first nine months of 2015 and 2016 in the period 2011-2020.
In the industry and construction sector, the industry in 9 months of 2020 increased by 2.69% over the same period last year, much lower than the growth rate of the same period in 2011-2020. The processing and manufacturing industry increased by 4.6%, lower than the growth rate of the same period in the period 2011-2020. Mining decreased by 5.35% due to a 14.1% decrease in crude oil production and a 9.1% decrease in natural gas.
The construction industry increased by 5.02%, higher than the 0.01% decrease, and a 2.78% increase of the nine months of 2011 and 2012 in the period 2011-2020.
In the first months of 2020, the Covid-19 pandemic seriously affects trade, services, and import-export activities. The service sector in 9 months achieved the lowest growth rate of the same period in 2011-2020. In the service sector, wholesale and retail increased 4.98% over the same period last year; finance, banking, and insurance increased 6.68%; transportation and warehousing by 4%; accommodation and catering services decreased by 17.03%.
Regarding the economic structure in the first 9 months of 2020, the agriculture, forestry, and fishery sector account for 14.05%; industry and construction accounted for 33.16%; the service sector accounted for 42.73%; product tax minus product subsidies accounts for 10.06%.
Regarding the use of GDP in the first nine months of 2020, final consumption will increase by 0.86% over the same period in 2019; asset accumulation increased by 3.39%; exports of goods and services rose 0.9%; imports of goods and services decreased by 1.25%.
In the context of the Covid-19 pandemic, complicated developments in the world disrupting international trade, Vietnam's merchandise exports remained positive growth, in which the role of the economic sector emerged in the country.
Generally, in nine months of this year, the total import and export turnover reached $388.73 billion, up 1.8%; of which exports reached $202.86 billion, up 4.2%. The domestic economic sector has a high increase of 20.2% in 9-month export turnover and a 4.7% increase in imports. The 9-month trade balance continued to trade surplus at $16.99 billion.
The consumer price index (CPI) in September 2020 increased by 0.12% over the previous month and by 0.01% compared to December of the previous year - all the lowest levels in the 2016-2020 period, mainly due to prices. education services are adjusted to increase according to the roadmap in order to approach the market price, the electricity price for living increases due to the demand for electricity in hot weather; Domestic rice prices increased due to Vietnam's export rice prices at their highest levels since 2011.
On average, in 9 months of 2020, the consumer price index increased by 3.85% over the same period last year.
Source: Vietnam Finance - Translated by Vietnam Credit